金价巨震，一口金迎来涨价潮，有商品涨幅35%

Core Viewpoint - The article discusses the recent significant fluctuations in gold prices, highlighting a sharp decline after a period of substantial increases, and the subsequent impact on the gold jewelry market, particularly the pricing strategies of major brands like Chow Tai Fook and Chow Sang Sang [3][5][12]. Price Fluctuations - On October 21, gold prices experienced their largest single-day drop in 12 years, with COMEX gold prices exceeding $4200 per ounce earlier in the year, marking a 60.57% increase year-to-date [3][5]. - As of October 22, domestic gold prices for jewelry saw a notable decline, with prices for major brands like Chow Tai Fook and Chow Sang Sang dropping by 57 to 83 yuan per gram [3][5]. Price Increase Trends - In response to rising gold prices, several jewelry brands have initiated price hikes for their "one-price" gold products, with expected increases ranging from 12% to 40% [5][7]. - Chow Tai Fook's "Fu" series gold necklace, currently priced at 12,600 yuan, is projected to rise to 16,600 yuan, reflecting a 31.75% increase [5][11]. - Chow Sang Sang has already implemented price increases of 20% to 30% for its products, with further hikes anticipated for labor costs associated with gold products [7][11]. Consumer Behavior - The market exhibits a "buy high, not low" mentality among consumers, with increased purchasing activity when gold prices rise, contrary to expectations during price drops [8][12]. - Consumers are increasingly valuing the design and craftsmanship of gold jewelry, viewing purchases as both investments and personal gifts [12]. Financial Performance - Chow Tai Fook reported a 105.5% year-on-year increase in revenue from its priced gold products for the fiscal year 2025, with these products accounting for 29% of total revenue, up from 19% the previous year [11][12]. - The gross margin for Chow Tai Fook improved by 550 basis points to 29.5% in fiscal year 2025, driven by the rising gold prices and the higher proportion of priced products in their portfolio [12].